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Income tax expenses for the fourth quarter of 2010 were US$1.9 million, representing an increase of 359.8% from US$0.4 million in the fourth quarter of 2009. The year-over-year increase was primarily due to an increase in taxable income. In the fourth quarter of 2009, the Company recorded a gain on change in fair value of derivative liabilities in the amount of US$0.3 million, which was not taxable. This further reduced the taxable income in the fourth quarter of 2009.

Income tax expenses for the full year 2010 were US$4.8 million, an increase from US$0.6 million in 2009. The increase was primarily attributable to an increase in taxable income. In fiscal year 2010, the Company did not benefit from any reversal of uncertain tax liabilities, which the Company recorded in the amount of US$0.8 million for the full year 2009. This further boosted the increase in income tax expenses on a year-over-year basis from 2009 to 2010.

Net Income

In the fourth quarter of 2010, net income attributable to Noah shareholders was US$4.2 million, a year-over-year increase of 88.9% from US$2.2 million in the fourth quarter of 2009. Net margin for the fourth quarter of 2010 was 30.3%, a decrease from 41.3% in the fourth quarter of 2009. Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2010 was US$4.7 million, a year-over-year increase of 110.6% from US$2.2 million in the fourth quarter of 2009. Non-GAAP net margin for the fourth quarter of 2010 was 33.3%, a decrease from 40.7% in the fourth quarter of 2009. The year-over-year decreases in net margin and non-GAAP net margin for the fourth quarter of 2010 were primarily due to an increase in income tax expenses and a decrease in investment income.

Income per basic and diluted ADS for the fourth quarter of 2010 were US$0.08, an increase from US$0.06 and US$0.04, respectively, in the fourth quarter of 2009. Non-GAAP income per diluted ADS for the fourth quarter of 2010 was US$0.09, an increase from US$0.04 in the fourth quarter of 2009.